Yellow Card Financial has raised a funding of $40 million after a Series B round which included investors from around the world.

Polychain Capital, an American investment firm based in San Francisco, led the round. Japanese VC firm DG Daiwa Ventures was also part of the investors as well as other firms like Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, and more.

The fact that the company is still securing this kind of huge funding, while the crypto world is undergoing an economic downturn, is interesting.

Yellow Card Financial had been founded in Nigeria by Chris Maurice and Justin Poiroux in 2019. It aimed to make it possible for people living in the country to access digital currencies like Bitcoin, Ethereum, Stablecoins, and more.

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In 2021, the company managed to raise $15 million in a Series A round. It has since expanded its services into other African territories like Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo.

In March 2022, it launched a new product called Yellow Pay, which allows cross-border payment. It has grown its customer base to more than 1 million users since then.

With its recent $40 million funding, Yellow Card wants to expand further into other countries in Africa. It has said nothing of trying to get into regions like Asia but it is working on new products and forming bigger partnerships.

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